PANews February 25 News, according to CoinDesk, Glassnode data shows that the Hash Ribbon indicator is close to signaling the end of a three-month miner capitulation, one of the longest in history. When the 30-day moving average of hash rate rises above the 60-day moving average, a recovery signal will be triggered, indicating miners are coming back online and network pressure is easing. Since the indicator first reversed in November last year, Bitcoin has fallen from about $90,000 to a low of $60,000 in early February, and is now rebounding to around $65,000.
The Hash Ribbon indicator is based on the comparison of the 30-day and 60-day moving averages of hash rate. Miner capitulation occurs when mining revenue falls below operational costs, causing inefficient miners to shut down and sell Bitcoin holdings, leading to a decrease in hash rate and increased market selling pressure. Historically, such capitulations often coincide with local or major bottoms, including January 2015, December 2018, and December 2022. Currently, Bitcoin’s trading price is below the estimated average production cost of $66,000. The last time this happened was in November 2022, when Bitcoin bottomed around $15,500.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Researchers Warn 95% of Bitcoin Nodes Could Be Vulnerable to Underwater Cable Attack - U.Today
A study reveals that targeted attacks on underwater cables can significantly threaten Bitcoin's network, as severing key cables could disrupt a large percentage of nodes. However, random cable failures pose little risk. The use of the TOR network enhances Bitcoin's resilience by leveraging robust infrastructure in Europe.
UToday33m ago
Gold and silver prices rise across the board, BTC volatility index BVIX drops 1.27% intraday
On March 6th, gold and silver prices rose to $5,107.70 per ounce and $82.980 per ounce, respectively, while the volatility index slightly declined. In the foreign exchange market, the USD against the RMB fell, and the USD against the JPY rose. Global stock markets generally declined, while WTI and Brent crude oil prices significantly increased. The Gate platform offers a variety of financial product trading services.
GateNews41m ago
The Origin Story of Sunny Lu: From a 100 BTC Scam to Building VeChain
VeChain’s Sunny Lu got into crypto after losing $300 on an unsuccessful 100 BTC purchase on Taobao, which led him to research Bitcoin.
Later, Lu used blockchain to track supply chains and launched VeChain in 2015 to target verification and enterprise applications.
The crypto journey of Sunny
CryptoNewsFlash47m ago
